Consider the following statements in respect of the International Bank for Reconstruction and Development (IBRD) : I. It provides loans and guarantees to middle income countries. II. It works single-handedly to help developing countries to reduce poverty. III. It was established to help Europe rebuild after the World War II. Which of the statements given above are correct?
Explanation:
Let's evaluate each statement regarding the International Bank for Reconstruction and Development (IBRD): I. Correct: The IBRD, a part of the World Bank Group, primarily provides loans, guarantees, and analytical and advisory services to middle-income and creditworthy low-income countries. II. Incorrect: The IBRD is one of five institutions that comprise the World Bank Group. The World Bank Group, along with numerous other international organizations and national governments, works collectively to reduce poverty; it does not work 'single-handedly'. III. Correct: The IBRD was established in 1944 at the Bretton Woods Conference, with its initial mandate being to finance the reconstruction of war-torn European nations after World War II. Therefore, statements I and III are correct.